written and last updated by
Sam Smith at
24 Sep 2024
Journalist, Editorial Department
Billionaire Steve Cohen has pledged to transform the Willets Point area near Citi Field in New York into a major entertainment hub. He also unveiled new renderings featuring the Hard Rock Entertainment casino as the centerpiece of the project.
According to the updated plan, the development will cover a site of 202,343 square feet, with half of that area designated for green spaces. Metropolitan Park will include municipal recreational areas totaling 80,937 square feet, as well as sports facilities spanning 20,234 square feet.
Cohen has promised to enhance roadways for both vehicles and cyclists, and to establish grants for nonprofit organizations in Queens through a community impact fund, which will have a capital of $163 million.
The detailed renderings were showcased as part of a marketing campaign Cohen launched in May to promote the $8 billion project. If the initiative receives approval, it is projected to create over 23,000 new jobs.
However, Cohen faces stiff competition in the race for one of New York's three gaming licenses. One of his main rivals is a joint venture between Caesars, Roc Nation, and SL Green, which plans to open a casino in Times Square. Roc Nation's head, rapper Jay-Z, has pledged to allocate $15 million to the local community and promised to donate 0.5% of the casino's profits as regular grants to Hell's Kitchen.
"We are New Yorkers. Supporting and providing opportunities for our neighborhoods and community is not just part of Roc Nation's ethics... it is our collective responsibility. Any proposal that receives a gaming license will undoubtedly be profitable. Our goal is to give back to New York and ensure that the communities of Broadway, Hell's Kitchen, and surrounding businesses and neighborhoods benefit, not just in the short term, but in the long run," Jay-Z stated.
The Caesars Palace Times Square project includes 23,225 square feet of gaming space, a 950-room hotel, and entertainment venues. In total, eleven candidates have submitted applications for casino licenses in New York, with three winners expected to be announced by the end of 2025.
It is worth noting that SL Green plans to invest $250 million in community initiatives if it secures a casino license in New York.
